My fiance and I are hoping to buy a house in Stanmore and are in fact using a Stanmore conveyancing firm. Within the last couple of days our solicitor has sent a preliminary report and documents to look through with the expectation that exchange is imminent. Clydesdale have this afternoon contacted us to inform me that they have now hit a problem as our Stanmore solicitor is not on their approved list of lawyers. Is this a problem?
If you are buying a property needing a mortgage it is usual for the purchasers' lawyers to also represent the mortgage company. In order to act for a bank or building society a law firm has to be on that lender's conveyancing panel. An application has to be made by the law firm to the lender to become a member of the lender's panel and there are increasingly strict criteria which the firm has to satisfy and indeed some lenders now require their panel members to be part of the Law Society’s Conveyancing Accreditation Scheme. Your solicitor should contact your bank and see if they can apply for membership of their conveyancing panel, but if that is not viable they will instruct their own solicitors to act. You don't have to instruct a firm on the lender’s conveyancing panel as you are at liberty to use your preferred Stanmore lawyers, in which case it will likely add costs, and it will likely delay the transaction as you are adding another lawyer into the mix.
In what way does my ID and proof of funds have anything to do with my conveyancing in Stanmore? Is this really necessary?
You are right in the requirement set out by your lawyer has nothing to do with conveyancing in Stanmore. Nowadays you will not be able to proceed with any conveyancing transaction if you have not handing over proof of your identity. Ordinarily this takes the form of a either your passport or driving licence as well as a council tax bill. Remember if you are providing your driving licence as evidence of ID it needs to be both the paper section and photo card part, one is not acceptable in the absence of the other.
Evidence of the source of monies is necessary under Money Laundering Regulations. Don’t be offended when when this is requested of you as your conveyancing solicitor will need to have this information on record. Your Stanmore conveyancing lawyer will require evidence of proof of funds prior to accepting any monies from you into their client account and they should also ask further questions regarding the origin of funds.
I am buying a flat and require a conveyancing solicitor in Stanmore who is on the Bank of Ireland solicitor. Could you point me in the right direction as regards a conveyancing firm?
Our service is limited to being a directory service for firms who wish to listed as being on the approved conveyancing panel for Bank of Ireland in certain locations such as Stanmore. We dont recommend any particular firm.
It has been three months since my purchase conveyancing in Stanmore took place. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £180,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am looking for a leasehold apartment up to £235,500 and found one close by in Stanmore I like with open areas and station in the vicinity, however it's only got 51 years on the lease. There is not much else in Stanmore suitable, so just wondered if I would be making a grave error buying a short lease?
If you need a mortgage that many years will likely be a potential deal breaker. Discount the offer by the expected lease extension will cost if it has not already been discounted. If the current proprietor has owned the property for at least 2 years you could ask them to start the process of the extension and then assign it to you. You can add 90 years to the existing lease term with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
We are in the process of a leasehold sale of a flat in Stanmore. Conveyancing is fine but we have been asked to pay a fortune by the managing agents. To date we have forked out £275 for a leasehold management information and then a further £117.20 for answers to questions supplied by the buyers lawyer.
You will not have control over the extent of the charges for this information however the average costs for the information for Stanmore leasehold premises is £360. When it comes to Stanmore conveyancing transactions it is usual for the seller to pay for these costs. The freeholder or their agents are not duty bound to address these questions most will be content to do so - albeit often at exorbitant prices out of proportion to the work involved. Unfortunately there is no legislation that requires fixed charges for administrative tasks. Nor is there any legal time frame by which they are obliged to issue answers.